Official: Coke rejection not protectionist

Vice Finance Minster Li Yong said China’s rejection of Coca-Cola’s US$2.4 billion bid for Chinese juice maker Huiyuan did not reflect hostility toward foreign investment, AFP reported. He made the comments while calling on the Group of 20 developing and industrial nations to reject protectionism at the G20’s meeting next week in London. “Protectionism will seriously dampen the momentum of economic recovery. “We call on the G20 to send a signal of opposing trade protectionism,” said Li. In further comments on preparations for the G20 meeting, Li said that China had agreed with the International Financial Corporation – an arm of the World Bank – to increase trade finance. He did not reveal details of the agreement.